Standard & Poor’s downgraded 20 multi-cédulas this (Tuesday) morning, nine of them to sub-investment grade, but upgraded five others, with a deterioration in the credit quality of collateral cited as a driver for the negative rating actions.

The rating agency had last month placed 23 multi-cédulas on CreditWatch negative and five on CreditWatch positive while it assessed changes to its credit estimates and ratings of the underlying assets, changes in asset concentration, and a shorter time to maturity compared with its last review.

Multi-cédulas that today lost their investment grade status, listed alongside their old and new ratings, are: AyT Cédulas Cajas IX (from BBB to BB+); AyT Cédulas Cajas X, series B, (from BBB to BB); AyT Cédulas Cajas Global III (from BBB- to BB+); AyT Cédulas Cajas Global XII (from BBB- to BB-); AyT Cédulas Cajas Global XIV (from BBB- to BB-); AyT Cédulas Cajas XVI (from BBB to BB+); Programa Cédulas TDA class A4 (from BBB- to BB); Programa Cédulas TDA class A5 (from BBB- to BB+); and Programa Cédulas TDA class A6 (from BBB- to BB+).

A further 11 multi-cédulas were downgraded, five were upgraded and the remaining three that had been put on review had their ratings affirmed. These are:

• Affirmed: AyT Cédulas Cajas VII, BBB; AyT Cédulas Cajas X, series A, BBB; Cédulas TDA 6, BBB-

• Downgraded: AyT Cédulas Cajas V, A+ to A; AyT Cédulas Cajas VIII, series B, A- to BBB-; AyT Cédulas Cajas Global VIII, BB+ to BB; AyT Cédulas Cajas Global IV, from A- to BBB+; AyT Cédulas Cajas Global XXV, A to A-; Cédulas TDA 3, A- to BBB-; Cédulas TDA 7, BB+ to BB; Programa Cédulas TDA class A3, A- to BBB+; PITCH, A- to BBB+

• Upgraded: AyT Cédulas Cajas VIII, series A, from A+ to AA-; AyT Cédulas Cajas Global XXIV, A+ to AA-; Programa Cédulas TDA class A1, BBB to BBB+; IM Cédulas 3, A- to AA-; IM Cédulas 4, BBB to A+